Issued capital for new companies in Egypt down by 17 per cent in June

Ahram online, Saturday 2 Jul 2011

June saw a 17 per cent decline in issued capital for new companies in comparison to last month, with Egyptian capital dominating by 85 per cent, show Investment Authority figures

Stock market
Issued capital invested for newly-established companies in Egypt declines by 17 per cent (Photo: Reuters)

The total issued capital for newly established companies declined to LE 913 million in June, compared to LE 1.09 billion in May, recording a significant cut of around 17 per cent from one month to the next, according to data from the General Authority for Investment (GAFI).

Around eighty five per cent of capital invested was Egyptian; the rest was almost equally divided between Arabs and foreigners at 8 and 7 per cent, respectively.

A sum of 647 new companies were established in June, marking a significant climb in issued capital compared to a total number of 608 new companies founded in May.

The new companies were estimated to generate some 9960 job opportunities. New jobs created were highly dominated by the traditionally male occupations, at 68.5 per cent. Traditionally female occupations only comprised 7.8 per cent of the new jobs, with the remaining jobs created are positions considered very applicable for either gender.

Of the companies established, 216 are in the service sector, 124 manufacturing, 34 communications, 23 tourism and 24 in construction.

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